After months of discussions, the European Parliament voted by a large majority on September 12 to greenlight Europe-wide banking supervision by the ECB, notes Frankfurter Allgemeine Zeitung.

From 2014, the new authority will oversee between 130 and 150 of the main banks in the Eurozone, explains the daily.

“Common oversight is one of the three pillars of the banking union,” points out the newspaper. The two others are a mechanism to wind up bankrupt banks and a common deposit guarantee.